Hello dear community,
My girlfriend and I, 19 and 21 years old, want to fulfill the dream of owning our own home someday. (Please no comments like “grow up first,” “see if you stay together,” etc.). We have been together for 5 years and both started our vocational training this year. We would like to build a house in our early 30s if everything goes well and want to start saving money now to make that possible. Together, we could save 800€ per month (about 880 USD) in the first year of training, and 1,000€ (about 1,100 USD) in the second and third years. After that, we plan to save a bit more, around 1,200€ (about 1,320 USD) per month. Our saving period would be about 7 to 8 years.
Now the question is what the best way to save the money is: a building savings contract (Bausparvertrag), a high-yield savings account, or an investment account, although the latter requires considerable knowledge (I have only done some preliminary reading). I think many here have extensive experience and can give us helpful advice, which we would really appreciate. We would also like to remain flexible with the money, meaning that if something comes up in those 7 to 8 years and we don’t end up buying a house, we don’t want to owe money or face penalties due to fixed terms or conditions.
As I said, I’m very inexperienced and only just starting to look into this topic.
Thanks in advance for the help and tips. If you need more details, please let me know—I’m not sure which information is relevant in such cases.
My girlfriend and I, 19 and 21 years old, want to fulfill the dream of owning our own home someday. (Please no comments like “grow up first,” “see if you stay together,” etc.). We have been together for 5 years and both started our vocational training this year. We would like to build a house in our early 30s if everything goes well and want to start saving money now to make that possible. Together, we could save 800€ per month (about 880 USD) in the first year of training, and 1,000€ (about 1,100 USD) in the second and third years. After that, we plan to save a bit more, around 1,200€ (about 1,320 USD) per month. Our saving period would be about 7 to 8 years.
Now the question is what the best way to save the money is: a building savings contract (Bausparvertrag), a high-yield savings account, or an investment account, although the latter requires considerable knowledge (I have only done some preliminary reading). I think many here have extensive experience and can give us helpful advice, which we would really appreciate. We would also like to remain flexible with the money, meaning that if something comes up in those 7 to 8 years and we don’t end up buying a house, we don’t want to owe money or face penalties due to fixed terms or conditions.
As I said, I’m very inexperienced and only just starting to look into this topic.
Thanks in advance for the help and tips. If you need more details, please let me know—I’m not sure which information is relevant in such cases.